Dissident Investor Repeats S&l Offer

January 16, 1986|By John G. Edwards, Business Writer

A dissident stockholder of Fort Lauderdale-based Atlantic Federal Savings and Loan Association Tuesday set the stage for a possible confrontation with another major investor at the thrift`s annual meeting next week.

Dr. M. Lee Pearce, who owns 9.9 percent of Atlantic Federal`s stock, repeated his offer to pay $47 million for all of the thrift`s stock.

That offer of $15.50 a share stands, he said, despite ``further erosion`` in the market price. Atlantic Federal closed Tuesday at $11.50, up 87.5 cents on the day, and a high of $14.87 during the last year.

The thrift did not want to comment until its attorneys could review Pearce`s renewed offer, said Susanne Coleman, association vice president. But Atlantic Federal last year refused to consider virtually the same offer.

Another major shareholder at Atlantic Federal, IRE Financial Corp. of Coral Gables, remains opposed to the sale.

``We have high confidence in Atlantic Federal and view this as a long-term investment and would not be willing to sell our shares to Dr. Pearce,`` said Alan Levan, IRE board chairman.

IRE owns 9.9 percent of Atlantic Federal and is awaiting regulatory approval to excercise options on another 25 percent.

In a document filed Tuesday with the Securities and Exchange Commission, Pearce disclosed that IRE proposed buying an option on his 300,000 shares. IRE suggested it would buy an option on Pearce`s shares after Pearce proposed to take the institution private for $47 million, according to Pearce.

Negotiations ended in December, Pearce reported. IRE refused to buy all of the Atlantic Federal stock ``within a reasonable time`` after exercising any stock options or to propose bylaw changes that would require a committee to consider future possible buyouts, according to the document and Pearce`s attorney Seymour H. Chalif.

Levan said, ``We could not reach an agreement as to price and terms.``